Inflation Rate Rises to 3.6% Ahead of Midterm Elections

The Department of Commerce reported on Thursday that consumer prices rose by 3.6% in September, a figure that exceeds the 3.4% annual rate recorded in August. This marks a sharp acceleration in inflation just days before the midterm elections, where economic concerns have become a central issue for voters.

Monthly prices increased by 0.5% in September. This is higher than the 0.3% rise seen in August and represents the largest monthly jump since May. The acceleration in the cost of living has intensified public scrutiny of the current administration's economic management.

The upward trend in inflation has persisted since the war in Iran pushed oil and gasoline prices higher. In the United States, the price of a barrel of oil remains above $100. Before the conflict began, that figure stood at less than $70.

Polls indicate that rising inflation has led a majority of voters to view the economy and President Donald Trump’s handling of costs more negatively. During the 2024 campaign, Trump promised to lower prices, including a goal to bring the cost of gasoline below $2 per gallon. The current national average stands at approximately $4.25 per gallon.

Excluding volatile energy and food categories, core inflation also increased. The annual rate for these underlying prices rose to 3.1% in September, up from 3% in August. The monthly increase for these core prices was 0.3%, matching the rate from the previous month.